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Key Developments in MICEX Currency Market: April 2011

In April 2011, Igor Marich, Vice-President of MICEX, outlined the latest developments in the MICEX currency market. Highlights include a new risk management system featuring single collateral for all instruments and a portfolio approach to risk evaluation. Liquidity is set to increase with a two-tier membership structure and reduced fees for liquidity providers. Additionally, new currency market instruments have been introduced, including FX swaps and the CNY/RUB pair. This progress aims to enhance market efficiency and trading volumes.

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Key Developments in MICEX Currency Market: April 2011

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  1. MICEX Currency Market: latest developments Igor Marich, Vice-president,MICEX April 2011

  2. Behavior of the MICEX Group’s markets and key financial indicators 2

  3. Ranking of world exchanges by volumes of trading in stocks 3

  4. MICEX currency market volumes and shares 4

  5. MICEX currency market clearing service development New risk-management system: • Singlecollateralfor allinstruments. • Portfolio approach to risk evaluation of all instruments. • Single positionforevery currency and settlement date. • Adaptive rate of collateral may change during and after trading, considering changes in the volatility. 5

  6. MICEX currency market liquidity increasing Two-tier membership: • Direct Market Access (DMA) to MICEX currency market via market participants. New fee structure: • Reduced fee for liquidity providers. • Flexible fee structure. • Penalties for breaking the fill-ratio. 6

  7. New MICEX currency market instruments • Basket for rub/currency pairs (BKT = 55% USD & 45% EUR);value datesT+0 andT+1. • FX Swaps with fix period: T+1week, T+1month, T+3month. • NewCNY/RUB currency pair instruments:T+1, T+2, swap. • UAH/RUB, BYR/RUBandKZT/RUB value datesT+0. 7

  8. Contacts Address: 13, B. Kislovsky Per., Moscow, 125009 Telephone: (495) 234-48-23 (495) 234-24-70 www.micex.ru 8

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